Zaporizhstal, part of Metinvest Group, is looking for partners to develop a project on construction of a coalmine in Rostov region in Russia or buyers of the asset.
"We don’t plan more investment in the project. We plan to focus on investment only in Ukraine, only in the metal sector. Now we're looking for a partner or a buyer who will continue realizing the project in Russia," Zaporizhstal Director General Rostyslav Shurma said in an interview with Interfax-Ukraine.
As reported, Rostov Coal Company LLC was founded to realize a project worth 6.945 billion Russian rubles to build and operate the Bystryanskaya 1-2 mine. The company is part of a group of affiliated companies which supply cheap coke to Zaporizhstal. In 2007, Rostov Coal Company started building the mine. It was planned to open the mine in 2013. In April 2012, Rostov Coal Company said that project costs grew by 11.9 billion Russian rubles due to the worsening of mining and geological conditions at the field, and due to special digging methods. The company said that the commissioning of the mine was postponed until Q1, 2014. At present, the project has been frozen.
